Oil prices have seen a substantial decline after reaching a peak on Monday, dropping over 10% at times for both Brent and WTI crude oils. Brent crude's price fell from nearly $120 per barrel to around $88, while WTI dropped to approximately $84, both of which remained below $100 on Tuesday. This drastic change in pricing comes as a direct response to recent comments made by former U.S. President Donald Trump, who indicated that the war in Iran could end 'very soon' during a press conference held on Tuesday morning Finnish time.

Trump's remarks not only influenced oil prices but also had a positive effect on U.S. stock markets, showcasing the interlinkage between geopolitical events and financial markets. The comments seem to have reassured investors who are concerned about the volatility caused by the ongoing tensions in the Middle East, specifically regarding Iran. The implications of his statement suggest potential stabilization in oil supplies if the conflict de-escalates, which is critical for global oil transportation and supply chains.

Moreover, the geopolitical climate surrounding oil prices remains volatile, with the Strait of Hormuz effectively being closed by Iran. This situation has led to increased tensions, impacting oil tankers' ability to navigate the strategically important shipping lane. As the situation in the Middle East evolves, any further developments could also heavily influence global oil prices and market dynamics, highlighting the importance of geopolitical stability in the energy sector.